An Overview of Personal Loans

With the economy in such dire straits, many people are looking to different types of loans to take care of their bills while searching for second jobs. Personal loans are loans made directly to the borrower from a bank or lending house. Covering everything from medical bills to credit cards to student loans, these loans are helping people get what they need, when they need it. While there are many different types of personal loans, the can all be categorized as one of two different types: secured and unsecured. Which type of loan you get is dependent on what you will be using the money for. Some loans are available in both secured and unsecured options, while others are only found as one or the other.

Secured personal loans are provided by specific lenders, and have their repayment secured by a physical item. This is how they get their classification. The two most common types of secured loans are home mortgages and car loans. The loans are made specifically for a single purchase. This purchase is repaid in set amounts every month over the length of the loan. If payments are ceased, the lender repossesses the item – the car or the house – in lieu of payment. In contrast, Unsecured Personal Loans are the more common and the more recognizable. Unsecured loans cover a vast majority of ground, from store lines of credit to student loans to medical bills. Once these loans are issued, they can be used for a range of items and services. In addition, many unsecured loans have variable interest rates that can change monthly or annually.

For people who need extra money to pay for a car or a college education, personal loans are available to help fund their needs lenders are available for all credit situations.

Shawbrook commercial mortgage book doubles


Citi, BofA Plan Discount Mortgages for Tainted Borrowers

Citigroup Inc. (C - Analyst Report) and Bank of America Corporation (BAC - Analyst Report) will offer mortgage loans at a discounted rate to borrowers with blemished credit histories or low incomes, going by a Wall Street Journal report. These two Wall Street majors, in association with the Neighborhood Assistance Corporation of America (NACA), will assist struggling borrowers through a new loan program.

Under this arrangement, Citigroup and BofA will offer discounts higher than what banks usually offer to flawless borrowers capable of making larger down payments. Notably, discounts are offered in a mortgage loan in case a borrower pays lsquo;mortgage points...

Big Buys Go On Credit Cards, Little Ones on Prepaid Cards

Americans are more likely to use credit cards for bigger charges and prepaid cards for smaller purchases, according to a 2013 report by the Federal Reserve System.

In the study, which looked at card and banking trends in the US, it was found that more than a third of Americans used their credit cards for purchases of $50 or more, the most frequently used denomination for credit cards. Least common were smaller denominations. Only 9% used their credit cards for denominations of less than $5.

In contrast, prepaid cards were more likely to be used for denominations of under $5 (20%), compared to $50 or more 16% of the time.

A sample of 1,182 financial institutions participated,...

3 Reasons to Check Your Credit Report Today

Cassandra Hubbart/AOL

Most Americans dont realize how important their credit report has become. It obviously has a huge impact on your financial life, whether youre applying for a home loan or credit card or looking to rent an apartment. But increasingly, credit information has become part of the data-gathering process for a wider range of decisions, with many employers looking at credit histories of prospective employees to assess reliability and spot potential warning signs. Moreover, many Americans dont do nearly enough to ensure that their credit history accurately reflects their financial...

Many seniors trying to retire with a mortgage

Then the recession hit. Job losses delayed attempts to pay off mortgages. And many baby boomers took in their adult children after the collapse, refinancing to help their kids weather a brutal job market, said James Wells, a housing counselor with ClearPoint Credit Counseling Solutions.

Before, the children could take care of themselves, he said. Now, not so much.

The number of mortgage-holding households headed by someone 65 or older rose from 3.8 million in 2001 to 6.1 million a decade later, the consumer bureau said.

Rising debt levels also reflect a psychological shift among Americans, financial advisors and economists say.

People who lived through the Great Depression...

Salus Capital Hires O’Connor as Chief Credit and Administration Officer

Salus Capital Partners has named Christopher O'Connor as Executive Vice President, Chief Credit and Administration Officer. In his role at Salus, O'Connor will primarily be responsible for the oversight of underwriting and portfolio management, maintaining a keen focus on industry-leading, best-in-class management, information and control systems and above all, preservation of capital.

"Chris is a highly respected commercial lending professional with tremendous depth and breadth of experience encompassing sales, underwriting, credit and risk management," said Andrew H. Moser, President and CEO of Salus Capital. "In addition to adding highly valuable expertise across many aspects of our business,...

Fitch: Brazil’s Central Bank Moves May Not Boost Bank Lending

NEW YORK--(BUSINESS WIRE)--Todays move by the Brazilian central bank to fuel greater lending by local banks may not prove enough to overcome many banks concerns over borrower credit quality in the face of countrys macroeconomic slowdown, says Fitch Ratings.

Brazils move marks the second time in the past month that the central bank has freed liquidity in the banking system to spur economic growth. The first move was on July 25, when the central bank injected BRL45 billion (USD20 billion) into the system by lowering reserve requirements and making changes to risk weightings for capital allocation on banks payroll...

60 Seconds with…Paul Brett, director of sales, Masthaven Secured Loans

At the start of the year Masthaven launched a hybrid second charge loan, mixing elements of bridging and secured lending. What was the thinking behind this and what can we expect from Masthaven over the next year?

Simple...innovation and fulfilling the needs of our broker partners are our main priorities. We are constantly looking at areas of the market where we can make a positive difference and ultimately help more borrowers. We have recently released a first charge "micro mortgage" range that will help hundreds of borrowers release tied up equity in their homes, when other lenders may not be able to help.

Wells Fargo Capital Finance Surpasses $1B in Healthcare Commitments

Wells Fargo Capital Finance announced that their Healthcare Finance portfolio surpassed $1 billion with the recent $100 million credit facility for Apria Healthcare Group, Inc., a portfolio company of The Blackstone Group. Apria is one of the nations leading providers of home respiratory services and certain home medical equipment.

Wells Fargo has a deep history in the healthcare industry, stemming from the 1860's when the bank handled payments for medicines by physicians and patients to the early 1900's when Wells Fargo opened up its own emergency hospital in New York City. As the healthcare industry continues to evolve, asset-based lending has become a viable and flexible financing...

Bad credit? Tips on how you can finance a new car

Keep the price down. Dont aim for more car than you can afford. Shopping for a compact priced under $20,000 will make it likelier that you can get loan approval. And many cars in that range now are comfortable and have up-to-date technology.

Get your credit score and credit report. You should know in advance what any potential lender will be considering. At, you can get one free report every 12 months from each of the three major credit reporting companies -- Experian, Equifax and TransUnion. You will have to pay a small fee -- usually under $10 -- to get your score. If there are erroneous details in your report, say a debt listed as outstanding that you have paid,...

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